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From The Globe and Mail
The same week U.S. President Donald Trump announced sweeping increases on tariffs against Chinese goods, Chinese buyers dropped orders for 3,247 metric tonnes of U.S. pork – the biggest cancellation in more than a year, according to U.S. Department of Agriculture data released on Thursday.
The cancellation came during the week ended May 9, a blow to the US$6.5-billion export market for American pork, vital to the burgeoning U.S. meat industry.
Prior to the trade war, China and Hong Kong combined were the second-largest export market for U.S. pork.
For months, the U.S. farm sector – which has been among the hardest hit by the trade war between the world’s two largest economies – has been banking on China increasing its U.S. pork purchases because of African swine fever (ASF).
COMMENT:-
Aren't you glad that you sold pork bellies short and aren't you glad that you don't need the votes from anyone involved in any sector of the economy that relies on the sale of pork for its health (like golf courses and/or luxury hotels)?
On the other hand, either the price that you pay for pork chops is going to drop because the hog farmers are forced to sell below the cost of production or the US government is going to start handing out bushel baskets of "government money" to the hog farmers and processors to prevent them going broke. (Wanna bet which it is going to be?)
PS - Published on 16 MAY 19 and updated one hour ago.
China cancels U.S. pork import orders as trade war drags on
The same week U.S. President Donald Trump announced sweeping increases on tariffs against Chinese goods, Chinese buyers dropped orders for 3,247 metric tonnes of U.S. pork – the biggest cancellation in more than a year, according to U.S. Department of Agriculture data released on Thursday.
The cancellation came during the week ended May 9, a blow to the US$6.5-billion export market for American pork, vital to the burgeoning U.S. meat industry.
Prior to the trade war, China and Hong Kong combined were the second-largest export market for U.S. pork.
For months, the U.S. farm sector – which has been among the hardest hit by the trade war between the world’s two largest economies – has been banking on China increasing its U.S. pork purchases because of African swine fever (ASF).
COMMENT:-
Aren't you glad that you sold pork bellies short and aren't you glad that you don't need the votes from anyone involved in any sector of the economy that relies on the sale of pork for its health (like golf courses and/or luxury hotels)?
On the other hand, either the price that you pay for pork chops is going to drop because the hog farmers are forced to sell below the cost of production or the US government is going to start handing out bushel baskets of "government money" to the hog farmers and processors to prevent them going broke. (Wanna bet which it is going to be?)
PS - Published on 16 MAY 19 and updated one hour ago.